Standard Life is to buy technology firm Focus Solutions Group in a £42m deal expected to complete by early January.
The offer, tipped by Money Marketing last month, values Focus at 140p per share. Standard Life says the deal will not result in any job losses.
The acquisition will see the integration of Focus’ technology platform, which includes point-of-sale software, and Standard Life’s wrap and support services firm threesixty.
Standard Life director of distribution Stephen Ingledew says the company has been talking to Focus for over a year. He says initially Standard Life and Focus met to discuss a commercial partnership but talks progressed to agreeing an acquisition deal.
Ingledew says: “Advisers need the right financial planning tools when they are sat with a client. Although those are things we could build ourselves, that takes time and time is of the essence given that we are two years away from the RDR. This accelerates what we wanted to do in the marketplace.”
Baronworth Investment Services director Colin Jackson says: “In theory, this integration should make the delivery of the advice process more efficient. Much of the advice process is now conducted online, so it is important that online systems are fast and efficient.”